The Market Data Subcommittee of the Technology and Regulation Committee of the Securities Industry Association (SIA)* provides comments to the Securities and Exchange Commission (SEC) on: 1) a proposed rule change to establish a package of real-time and near-real-time data products called the market analytics data package, File No. SR-NASD-2006-056; SEC Release No. 34-54003; and 2) proposed rule change to modify the fees for trading and compliance data and the data package available to National Association of Securities Dealers (NASD) member firms via Nasdaq Trader.com, File No. SR-NASD-2006-072; SEC Release No. 34-54002.  SIA believes the comment period for the proposal is too brief, and the proposals themselves are insufficient, since they do not provide any justification for the proposed fees.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.